Author reveals 'Secret of Wealth'

Owen Phelps senses that audiences are a little disappointed when he is introduced the way he describes himself on the cover of his new book: "America's wealthiest man."

Edith C. Webster

Owen Phelps senses that audiences are a little disappointed when he is introduced the way he describes himself on the cover of his new book: "America's wealthiest man."

"There's no tux. There's no bling," said Phelps, the Durand, Ill., author of "The Secret of Wealth."

He is wealthy, and you can be, too, if you understand the difference between wealth and riches, Phelps argues in his book.

"It's very countercultural," said Phelps, best known in the Rock River Valley for his former role as spokesman for the Catholic Diocese of Rockford.

"The Secret of Wealth" is a parable about two young twins and the lessons they learn from a retired schoolteacher. Here's the spoiler, or "the secret": "Generosity fosters abundance."

Money or material wealth may be how we keep score, Phelps said, but it's a losing game.

"Our wants quickly become needs, particularly if we indulge them," he said. "When you make the self the center of your life, you've got a problem, because the self is insatiable."

Phelps, 60, runs the Midwest Leadership Institute and is a College of Business faculty member at Milwaukee's Cardinal Stritch University. The inspiration for the book came from the years he lived as a struggling young journalist. He met many rich and powerful people who weren't happy, and he wondered why.

On a Midwestern tour promoting his book, he talks about the research supporting his premise. One study shows that when Americans are asked how much money they would need to live well, the most common answer is double their current income.

So, if true happiness comes from a sense of having enough, as Phelps is suggesting, how do we get to that point of contentment?

"We give away some of what we have and learn that we're OK," he said. "I don't mean to romanticize poverty, but wealth is a matter of focus."

Rockford Register Star

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